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December 20, 2015

Leader Pelosi Introduces Bill to Stop Puerto Rico Debt Lawsuits

House Minority Leader Nancy Pelosi introduced a bill to temporarily shield Puerto Rico from lawsuits related to its $72 billion debt. Pelosi noted the bill would apply through March 31, the date Speaker Paul Ryan set as a deadline for the House to address the island's economic crisis. "Leader Pelosi's bill makes a lot of sense and works with Speaker Ryan's deadline," stated Eric LeCompte, the head of the religious development organization Jubilee USA. "Congress should protect Puerto Rico from harmful lawsuits."

Puerto Rico's Governor said the island will default on its debt either in January or May and will be open to lawsuits.‎ Pelosi said it was 'profoundly disappointing' that Congress did not include bankruptcy protection for Puerto Rico in the 'omnibus' budget package.

"Bankruptcy protects Puerto Rico and its people but it also protects investors," said LeCompte who serves on United Nations expert groups that focus on debt. "Congress has to deal with this issue immediately or the situation will only get worse.‎" Read a timeline of Puerto Rico's debt crisis.